Currency Of Venezuela

Pre-independence currency				engraved the dies. An order for gold coins was
Main article: Currency of Spanish America				placed, September 16, 1874, originally for 1, 5, 10, and
Peso = 8 Reales (silver)				20 venezolanos. This order was subsequently
Escudo = 2 Pesos (gold)				replaced by one for a silver 1 venezolano and a gold
History Venezuela shared the common				5 venezolanos.
Spanish-American monetary system, based on the				The coinage of 1858 had been very limited. The
silver peso and the gold escudo, current throughout				coinage of 1873-1877 marked the establishment of a
Spanish America. Trade, especially in cacao, brought				true, modern national coinage.
money to the colony in the late 17th century in the				On June 14, 1876, the Minister of Finance ordered
form of coin from the Mexico City mint. The money				coins of 75% copper and 25% nickel for 1 and 2-1/2
supply increased significantly after the Compaa				centsimos de venezolano from the United States to
Guipuzcoana de Caracas obtained a trade monopoly				replace copper centavos. They were minted at
in 1729, and Spanish and Spanish-American coin				Philadelphia.
became a common form of payment. The prohibition				1879-1887 Bolvar (silver)
on the circulation of American coin in Spain (May 4,				Bolvar (Bs.) = 100 Cntimos
1754) resulted in coin from the Spanish mints				Conversion: 5 bolvares = 1 venezolano (peso fuerte);
returning to Spain. The Guipuzcoana Company then				1 bolvar = 20 centavos (de venezolano)
brought in a large quantity of cobs (macuquina) from				History
the Lima, Potos, and Mexico City mints. This cob				Gen. Guzmn Blanco returned to power on February
coinage remained the coinage in circulation for many				26, 1879 and immediately continued with his 1871
years, only disappearing in the first years of the				program to replace foreign coin in circulation by a
Republic.				national coinage. His monetary law of March 31, 1879
There was a special coinage for Venezuela in 1787.				was based on the principles of the Latin Monetary
Claiming a shortage of circulating coin, Caracas				Union. The basic monetary unit was the bolvar de
petitioned for distinctive coins with an intrinsic value				plata, obligatory from July 1, 1879. Copper was
below standard that the would only circulate locally.				eliminated completely, replaced by cupronickel. A
This request was granted by a royal ordinance of				coinage limit of Bs.6 per head was set.
December 25, 1786. Another ordinance, February 3,				Coins produced in Brussels and dated 1879 were put
1787, authorized 200,000 pesos in coins only 60				into circulation between November 1879 and October
percent of standard weight. These coins were				1880. Postage stamps appeared January 1, 1880 in
minted at Mexico City and shipped on April 16. But				denominations of 5, 10, 25, and 50 cntimos and 1, 2,
some officials learned that the coins were not				5, 10, 20, and 25 bolvares.
distinctivehey dicffered from regular coinage only in				A modern, national mint was finally inaugurated at
weightnd protested the issue, fearing they could be				Caracas on October 16, 1886. The import of foreign
passed as regular coin. A royal ordinance of August				coin was then prohibited. Foreign silver was
20, 1787 ordered the coins withdrawn and they were				withdrawn from circulation and recoined.
recalled and melted down in 1788.				Paper
The later 18th century was characterized by an				Banco Comercial was established at Caracas July 20,
inadequate money supply, and merchants used				1882 and began operations August 1883, issuing
tokens (seasor fichas) to facilitate retail trade. By				notes for 20, 50, 100, 500, and 1000 bolvares. Banco
1795 the use of use of tokens (made of iron,				de Carabobo was established in December 1883 at
copper, or tin) was very widespread, but their				Valencia by Domingo Olvararra, issuing notes for 20,
unregulated issue and use was considered a problem.				30, 100, and 500 bolvares. In 1890, Banco Comercial
To deal with this situation, the Caracas Cabildo				was reorganized as Banco de Venezuela, which then
(council) authorized official copper tokens, and				bought out Banco de Carabobo.
Venezuela's first mint opened at Caracas in				Banco de Maracaibo was founded July 20, 1882 by
November 1802.				the Sociedad de Mutuo Auxilio de Maracaibo as a
Coin				merchant bank without any links to the government.
1787 lightweight coinage				It began issuing notes in 1883 for 20, 50, 100
Lightweight coinage for Venezuela, Mexico City mint:				bolvares, adding a 400 in 1917. It issued notes of a
1/2 real, 1.01 g				new design for 20, 100, and 500 bolvares in 1926,
1 real, 20 mm, 2.02 g				and continued until the notes of private banks were
2 reales, 4.05 g.				abolished in 1940.
Zafirah safie Guyana supermodel				Coin
1810-1821 Struggle for independence				Bolvar
Peso = 8 Reales				Silver and Gold Coins Dated 1879-1889
Escudo = 2 Pesos				(by year in millions of pieces, approximate)
History				Bs.
Inspired by the French assignats, Gen. Francisco de				0.20
Miranda proposed an issue of paper money, which				0.50
Congress approved August 27, 1811 in the amount of				1
one million pesos. Congress also authorized (October				2
25) one million pesos in copper coin. The notes were				5
put into circulation November 18, 1811 as a forced				20type:
tender backed by national revenues. They were not				1879
popular, and gold and silver disappeared from				1879
circulation. A mint was created to produce copper				1879
coin of the macuquina type. There was insufficient				1879
metal on hand, and copper objects had to be				1879
requisitioned (1812).				1879name: realpesetafuerte
The currency situation during this period differed				AR 835
from province to province. Maracaibo and Guayana				AR 835
produced royalist coinage; Margarita and Barinas,				AR 835
republican. Both republicans and royalists minted at				AR 835
Caracas, the city changing hands more than once.				AR 900
On November 21, 1819, Simn Bolvar decreed an				AV 900grams
emergency issue to pay military expenses. This was				1000
done by stamping "LIBERTAD AMERICANA 1819" on				2500
coins with the legend "Nueva Granada" that had				5000
accumulated at the Santa F mint. These coins were				10000
sent to the army in Venezuela, where they became				25000
known as chipi chipi.				64516mm:
Paper				16
The republicans authorized notes August 27, 1811				18
(released November 18): 1, 2 4, 8, and 16 pesos. A				23
supplement of November 27, 1811 authorized 20,000				27
pesos in small cardboard notes of 2 reales. The peso				37
notes were counterfeited extensively, so a second				21
issue of new design was authorized February 7, 1812.
A third issue, authorized December 31, 1812 appeared				Brussels mint
just before the royalists occupied Caracas. The				1879
royalists recovered as many notes as possible and				0125
had them burned in La Victoria.macuquina-style				0200
copper dated 1812:				0375
1/8r (7,000)				0375
1/4r (30,000)macuquina-style silver dated Ao 2:medio				0250
(1/2r) (16,000)real (20,000)				0041
Caracas - Royalist coinage				1880
The royalists minted cob-style macuquina until 1817,				0084
then General Pablo Morillo had new-style coin inscribed
"CARACAS" minted. This latter coin circulated widely;				Caracas mint
it was known as morillera in Venezuela and as				1886
caraquea elsewhere..copper dated 1813-1821:				0300
1/8r (1814: 12,000; 1817: 4,500; 1818: 94,000)				0600
1/4r (1813: 10,000; 1814: 40,000; 1816: 750,000; 1817,				0240
two types: 2.130 million; 1818: 2240 million; 1821:				0470
650,000)silver dated 1817-1821:real, 0588-0709 fine,				0023
19-20 mm, 245-325 g (1817: 6,500; 1818: 13,787; 1820:				1887
10,729; 1821: 8,000)				0310
2 reales, 0555-0898 fine, 450-580 g (1817: 76,000;				0780
1818: 777,000; 1819: 1450 million; 1820: 755,000; 1821:				0200
110,000)				0820
4 reales (1819: 18,000; 1820: 29,000)				01325
Barinas				1888
When republican forces under Gen. Jos Antonio Pez				0230
occupied Barinas, the city was overrun by refugees.				0197
In March 1817 at El Yagual, Pez asked that all silver				0141
be turned in. He then minted silver octoganal coins for				0281
the army at Caujaral and Achaguas. Bolvar did not				0080
favor this act and decreed that the coins should not				1889
circulate outside the province of Barinas.real,				0080
0183-0434 fine, 0.900-2.400 g				0118
2 reales, 0402 fine (about 3,500 pieces)				0111
Guayana				0329
Royalist copper coinage was authorized for Guayana				When the 1/4 bolvar (0.25) was issued in 1894, the 1
October 26, 1813, because the province was cut off				5 (0.20) was recalled and many were melted down.
from other Spanish forces:cuartillo or 1/4 real				The 5 bolvares dated 1879-1889 has "28 DE MARZO
(1813)medio or 1/2 real (1813, 1814, 1815, 1816, 1817).				DE 1864" in the ribbon (reverse).
Maracaibo				The 1/2, 1, 2, and 5 of Type 1879 continued to be
Royalist copper:				minted until 1936. The gold 20 was last minted in
1/8 (1813)				1912.
1/2 (1813)silver:				1887-1930 Bolvar (gold)
2 reales (38, 181, 182, 1813, 1814).				Bolvar (Bs.) = 100 Cntimos
Margarita				History
Republicans copper:				The monetary law of June 2, 1887 made gold an
4 maravedis, 29 mm (1810).				unlimited legal tender. Full-bodied silver (i.e., 0900 fine)
1821-1830 Gran Colombia				was legal tender to 500 bolvares, subsidiary silver
Main article: Currency of Colombia				(0835 fine) to 50 bolvares, and nickel and copper to
1821-1830 Gran Colombia				20 bolvares. The bolvar was defined as equal to the
Peso = 8 Reales (silver)				gold franc or peseta, 290322 mg fine gold (par: 518
History				per US dollar and 2522 per pound sterling). The gold
While Venezuela was federated with Nueva Granada				standard came into full operation in 1910.
(modern Colombia) and Quito (Ecuador) in Gran				The decade (1888-1899) after the fall of Guzmn
Colombia, 1821-1830, the monetary laws in force				Blanco was one of civil strife that exhausted the
were those of Colombia.				national treasury. The urgent need for small change in
Bolvar prohibited (June 20, 1821) the circulation of all				1893 was met by ordering small denomination silver
copper coin and all post-1810 royalist coin that had				from Paris and then nickel coins from Berlin. The coins
not been counterstamped at Bogot. Only milled coin				ordered from Berlin, May 25, 1896, were the same
(new or old) and the old Spanish macuquina were				type, diameter, and weight as thse of 1876-1877,
permitted to circulate.				only the denomination differing, the new 5 cntimos
Congress ordered all gold and silver coin minted in				being equal to the old centavo (and it was often
Gran Colombia to meet the old Spanish standards				called a centavo).
(Decree of September 29, 1821). Gold and silver				Restrictions were placed on gold export in 1914, but
were minted at Bogot and Popayn, while the Caracas				banknotes never ceased being convertible into gold
mint produced copper cuartillos (1/4 real) between				domestically. After war began, the exchange rate on
July 14, 1821 and its closure on October 31, 1822. This				New York depreciated slightly, but soon went to a
copper coin was legal tender to one peso fuerte.				premium. In April 1918 the US dollar cost only 432
Coins were inscribed REPBLICA DE COLOMBIA.				bolvares. The monetary law of June 24, 1918
The monetary law of March 14, 1826 provided for a				confirmed the bolvar de oro as equal to 290323 mg
gold coinage based on the Colombian gold peso (peso				fine gold. The exchange rate continued moving up
colombiano de oro) of 1797238 g, and a silver				and down, and did not stabilize until January 1924,
coinage based on the Colombian silver peso (peso				after which the exchange rate remained around par.
colombiano de plata).				Paper
Bolvar's monetary law of November 6, 1828				Banco de Venezuela Sociedad Annima was
confirmed the unrestricted circulation of macuquina,				reorganized from Banco Comercial, absorbing Banco
and the Department of Venezuela decreed				de Carabobo. It began operations August 18, 1890.
(September 17, 1829) the obligatory acceptance of				As the government's main creditor, it wielded
silver macuquina seller who refused legal macuquina				considerable economic and political power. It issued a
being subject to a fine or imprisonment.				large volume of notes that gained national
Jos Antonio Pez, who eventually came to lead the				acceptance, Its 1890 notes were for 20, 40, 100,
separatist movement in Venezuela, reopened the				500, and 1000 bolvares. A 50 was added in 1897 and
Caracas mint in 1829 and authorized a silver peseta (2				the colors of the other denominations were changed.
reales) and a copper cuartillo. The Caracas mint then				New designs of the 10, 100, and 500 appeared in
closed for good (October 1830).				1907, with a new 1000 in 1926. The bank ceased
Coin (Caracas mint)copper:cuartillo or 1/4 real, 14.38 g				issuing in 1940.
(1821, 1822; 1829, 1830)silver:peseta or 2 reales				Various commercial groups led by H.L. Boulton y Ca
(1829).				created a rival bank, Banco Caracas (unrelated to
1830-1848 Peso fuerte (silver)				previous banks of that name), which issued notes
Peso (Peso sencillo) = 8 Reales = 100 Centavos or				from 1893 until 1940 in denominations of 20, 100,
80 Centavos fuertes				400, and 800 bolvares, with a 10 added in 1914.
Peso fuerte = 10 Reales = 100 Centavos fuertes				Banco Comercial de Maracaibo began issuing in 1916,
(from 1832)				Banco Venezolano de Crdito in 1925, and Banco
History				Mercantil y Agricola in 1926. All three of these banks
The currency in 1830 was chaotic. Circulation				issued notes for 10, 20, and 100 bolvares until 1940.
consisted of old silver macuquina minted at Caracas				Coin
under both royalists and republicans and of silver and				Bolvar coins dated 1893-1938:
gold coin from the various American states, especially				Cupronickel dated 1896 (Berlin) and 1915-1938
from Colombia. Good quality silver coin tended to				(Philadelphia):
disappear from circulation (being used to pay for				5c, 19 mm, 2500 g (1896, 1915, 1921, 1925, 1927,
imports). Macuquina and worn coin remained to serve				1929, 1936, 1938);
retail trade. The government published a table				12-1/2c, 23 mm, 5000 g (1896, 1925, 1927, 1929,
December 30, 1830 fixing the value of foreign coin in				1936, 1938)
terms of local macuquina. On December 22, 1832, the				Silver 0835 fine:
Secretary of Finance ordered customs houses and				25c, type 1894, 16 mm, 1250 g (1894, 1900, 1903)
finance offices to receive and pay out the silver peso				50c, type 1879, 18 mm, 2500 g (1893, 1900, 1901,
fuerte as equivalent to 10 reales of silver macuquina.				1903, 1911, 1912, 1919, 1921, 1924, 1926, 1929, 1935,
After this, peso or peso sencillo (current peso)				1936)
indicated payment in macuquina; peso fuerte indicated				Bs. 1, type 1879, 23 mm, 5000 g (1893, 1900, 1901,
payment in standard silver pesos.				1903, 1911, 1912, 1919, 1921, 1924, 1929, 1935, 1936)
On May 13, 1834 Congress gave legal tender status				Bs. 2, type 1879, 27 mm, 10050 g (1894, 1900, 1902,
to: (1) the peso fuerte and onza de oro and their				1903, 1904, 1905, 1911, 1912, 1913, 1919, 1922, 1924,
fractions, whether from Spain or one of the				1926, 1929, 1930, 1935, 1936)
American republics, so long as they were of standard				Bs. 5, type 1893 with "13 de Abril de 1864" in ribbon
weight and fineness; (2) the peso fuerte (silver dollar)				(reverse), 37 mm, 25000 g (1900, 1901, 1902, 1903,
of the United States and its fractions; (3) the French				1904, 1905, 1910, 1911, 1912,1919, 1921, 1924, 1926,
franc; (4) the British shilling; and, (5) the pesos of				1929, 1935, 1936)
Portugal and Brazil. A decree of June 26, 1834 ended				Gold 0900 fine:
the circulation of 1/4-real macuquina dated 1829-1830.				Bs. 20, type 1879, 21 mm, 64516 g (1904, 1905, 1910,
Then on March 25, 1835 Congress authorized				1911, 1912).
circulation of a hitherto unfamiliar coinage, copper				Gold 0900 fine, new (depreciated) standard:
centavos (cents) of the United States.				Bs. 10, type 1930, 19 mm, 22258 g (05 million 1930).
To replace macuquina, Congress authorized the				1930-2008 Bolvar (paper)
government, May 2, 1840, to obtain French francs				Bolvar = 100 Cntimos
(and halves and quarters) and United States silver 5,				History
10, and 20-cent pieces and copper cents and				The bolvar went off the gold standard in 1930. In
half-cents. On March 23, 1841 Congress prohibited				August 1934 the official rate was fixed in terms of
further circulation of any kind of macuquina, and				the US dollar at 3915 bolvares per, adjusted to 318
macuquina was withdrawn and exchanged, 100,000				per April 27, 1937. Gold coin disappeared from
pesos in French coin being distributed to the				circulation.
provinces to facilitate this operation.				Banco Central de Venezuela was created by
The monetary law of March 29, 1842 was based on				Congress on July 13, 1939 (effective September 8).
the peso fuerte of 10 reales or 100 centavos. It				It began operations in October 1940, at which time
provided for a national copper coinage (minted at				there were six note-issuing banks (Banco de
London), which was legal tender for all debts public				Maracaibo, Banco de Venezuela, Banco Caracas,
and private. When these coins were put into				Banco Comercial de Maracaibo, Banco Venezolano de
circulation, the legal tender status of copper cents				Credito, and Banco Mercantil y Agricola). The notes
(centavos) from the United States was revoked				of the private banks were withdrawn during 1941
(October 12, 1844).				(monetary law of July 22, 1941).
Paper				A system of multiple exchange rates was adopted
The first bank to issue paper money was the Banco				July 23, 1942, with an official rate of 335 per US$1,
Colonial Britanico, established July 29, 1839 with a				which became its parity with the International
capital of $300,000. It issued notes for 5, 10, 20, 50,				Monetary Fund in 1947. A system of multiple
and 100 pesos sencillos. It closed in 1849.				exchange rates was adopted in 1948, the rates
Banco Nacional de Venezuela was created by act of				ranging from 309 to 480 per US dollar, and there
Congress, May 17, 1841, with a capital of 2.5 million				was a black market. The black market reached a low
pesos. It was authorized to issue notes for 5, 20,				of 498/US$1 in May 1961. IMF parity was revised to
100, and 500 pesos. The only notes known (as of				445 per US dollar January 18, 1964.
2002) are for 5 and 20 pesos, printed by New				The various monetary laws from July 12, 1945 on
England Bank Note Co. of Boston. The bank				continued to define the monetary unit as the gold
terminated operations on March 23, 1850.				bolvar (bolvar de oro) of 290.323 mg pure gold. It
Coin				was only October 30, 1974 that the monetary unit
Copper centavos dated 1843, with liberty-head (obv),				was defined simply as "bolvar", with no reference to
were produced at the Royal Mint, London:				gold.
1/4c, 19 mm, 300 g (384 million)				The bolvar was a very stable currency for a decade
1/2c, 24 mm, 600 g (096 million)				after 1964, but by the early 1980s it was in serious
1c, 32 mm, 1210 g (048 million).				trouble. A peg to the US dollar at 1450 bolvares did
1848-1854 Franco (silver)				not halt the slide. Neither peg, nor crawling peg, nor
Franco = 2 Reales = 20 Centavos				managed float could keep the bolvar exchange rate
Peso = 5 Francos = 10 Reales = 100 Centavos				under control. It went from 47 per dollar in 1990 to
History				177 in 1995, to 680 in 2000, and to 2090 in 2005.
The monetary law of March 30, 1848 established the				Paper
French franc (franco frances), 500 g, 0900 fine, as				Banco Central de Venezuela released its first notes in
the monetary unit of Venezuela. No detailed				December 1940, 50, 100, and 500 bolvares, printed
explanation was providedresumably, the new				by American Bank Note Company. A 20 was added
government wanted to make a clean break with the				in 1941 and a 10 in 1945.
policies of the conservative oligarchy (Oligarqua				Notes of a new design by Thomas de la Rue for 10,
Conservadora, 1830-1848) that it replaced. A table of				20, 50, and 100 bolvares appeared in 1952, but the
coin ratings expressed in francos was published, and				rather crude portrait of Bolvar was so unpopular that
the franco was declared equal to 20-centavos of the				the bank returned to the 1940 design (but with the
copper coins authorized between 1834 and 1842.				newer national arms).
Coin				Thomas de la Rue redesigned the portrait on its
Liberty-head copper centavos dated 1852 were				notes and these began appearing in circulation in 1960.
minted at Birmingham and London.				Eventually there were five denominations: 5, 10, 20,
Birmingham Mint Ltd.:				50, and 100.
1/4c, 19 mm, 290 g (2 million)				Banco Central released a 5-bolvares note (authorized
1/2c, 24 mm, 570 g (0.5 million)				May 10, 1966) commemorating the 400th anniversary
1c, 315 mm, 1140 g (025 million).				of the founding of Caracas in 1567.
Royal Mint, London:				Beginning in 1971, Banco Central began releasing notes
1/4c, 16 mm, 270 g (4 million)				of a more modern, non-traditional design in
1/2c, 22 mm, 540 g (1 million)				denominations of 10, 20, 50, 100, and 500 bolvares,
1c, 305 mm, 1090 g (05 million).				printed by different printers. There were several
1854-1857 Venezolano (gold and silver)				minor design modifications between 1971 and 1980,
Venezolano (Peso) = 10 Reales = 100 Centavos				and higher denominations were added: a 1000 in
Conversion: 1 venezolano = 5 francos				November 1991, a 2000 and a 5000 in September
History				1995, and a 10,000 in 1998. Meanwhile, three
A new monetary law, April 1, 1854, provided for a				commemorative notes were released: a 100 in 1980
mint in Caracas to produce a national coinage based				for the 150th anniversary of Simn Bolvar's death, a
on both gold and silver. The gold coins would be:				50 in 1981 for the 200th anniversary of the birth of
onza, media onza, dobln (1/4 onza), escudo (1/8				Andrs Bello, and a 20 in 1987 for the 200th
onza), and venezolano de oro (1/16 onza or peso de				anniversary of the birth of Rafael Urdaneta.
oro). Silver coins were: peso fuerte or venezolano de				When the value of the metal in nickel-alloy coins
plata, medio peso, peseta (1/4 peso), real (1/8 peso),				exceeded face value, the coins began disappearing
and medio real (1/16 peso). Copper coins were to be				(and were completely gone by the time the metal
the cuarto and octavo. The government was unable				was worth more than twice face in 1989). The
to establish the mint, and no coins were produced.				severe shortage of change that resulted was met by
Paper				issuing bank notes for 1, 2, and 5 bolvares.
Compaa de Accionistas was formed December 4,				The change in official name to Repblica Bolivariana de
1855 with a capital of $600,000. It issued notes for 5				Venezuela resulted in a change in the text on bank
pesos sencillos and rendered services to the				notes. Denominations with the new name were the
Treasury until it closed in March 1858.Hi!				1000, 2000, 5000, and 10,000. A 20,000 was added in
1857-1865 Peso fuerte de oro (gold)				1999 and a 50,000 in 2002.yo yo my mane is *****
Peso fuerte de oro = 10 Reales = 100 Centavos				Coin
History				1944-1948 issues
For want of a national mint, the 1854 monetary law				Brass (70% copper, 30% zinc) dated 1944:
had remained unimplemented, so Congress passed a				5c, 19 mm, 2.500 g (4 million);
new law (March 23, 1857) authorizing coinage abroad.				12-1/2c, 19 mm, 5.000 g (08 million);
The basic coin was to be the gold peso fuerte of				Cupronickel dated 1945:
161290 g, 0900 fine, accompanied by two multiples, a				5c, 19 mm, 2.500 g (12 million each 1945 & 1946,
dobln (10 pesos fuertes) and an escudo (5 pesos				18 million 1948);
fuertes). The silver coins, 0900 fine, were: medio				12-1/2c, 19 mm, 5.000 g (112 million 1945, 92 million
peso (5 reales), 1150 g, 30 mm; peseta (2 reales),				1946, 6 million 1948);
460 g, 23 mm; real, 230 g, 18 mm; and, medio real,				Silver 0.835 fine, dated 1944-1948:
115 g, 16 mm. There was also a centavo, 95%				25c type 1894, 16 mm, 1.250 g (1807 million 1944,
copper and 5% tin-zinc, 750 g, 25 mm. None of the				8007 million 1946, 864 million 1948);
gold coins were ever minted.				50c, 18 mm, 2500 g (05 million 1944, 4 million 1945, 25
Following a series of provisional governments during				million 1946);
the civil war of 1859-1861, the Guerra Larga, J.A. Pez				Bs. 1, 23 mm, 5000 g (8 million 1945);
was proclaimed dictator on September 10, 1861. Pez				Bs. 2, 27 mm, 10000 g (3 million 1945).
authorized coins with his own effigy and a contract				1954-1965 issues
was signed with the Paris Mint, (April 29, 1862), but				The inscription on the coinage was changed to
he was overthrown by a revolt before the coins				Repblica de Venezuela.
were shipped from Paris.				Copper-nickel dated 1958:
Postage stamps came into use January 1, 1859 in				5c, 19 mm, 2500 g (25 million);
denominations of 1/2, 1, and 2 reales. Newspaper				12-1/2c, 23 mm, 500 g (10 million).
stamps of 1/2 and 1 centavo fuerte appeared in				Silver 0835 fine, dated 1954-1965:
March 1862.				25c, 16 mm, 1250 g (36 million 1954, 48 million 1960);
Paper				50c, 18 mm, 2500 g (15 million 1954, 20 million 1960);
1859-1861 public debt certificates				Bs. 1, 23 mm, 5000 g (135 million 1954, 30 million 1960,
The government (Repblica de Venezuela) issued				20 million 1965);
certificates on the public debt (deuda pblica) that				Bs. 2, 27 mm, 10000 g (4 million 1960. 717 million
were legal tender and payable to bearer. Many of				1965).
these issues bore the signatures of respected				1964-1973 issues
merchants. Certificates for 8 reales and for 5, 10, 20,				Copper-nickel dated 1964-1971:
50, and 100 pesos were issued under various				5c, 19 mm, 2500 g (40 million 1964, 60 million 1965,
decrees, the first on October 20, 1859 and the last				40 million 1971);
on January 15, 1861. There were separate issues for				10c, 21 mm, 400 g (60 million 1971)
Caracas, Carabobo, and Aragua.				12-1/2c (2 million 1969).
1861-1862 Banco de Venezuela				Nickel dated 1965-1973:
Banco de Venezuela was in operation from				25c, 17 mm, 1750 g (240 million 1965);
November 1, 1861 until November 30, 1862. It was				50c, 20 mm, 3500 g (180 million 1965; 1985 infra);
established by the Pez government with a credit				Bs. 1, 23 mm, 5000 g (180 million 1967);
from the Treasury, and a capital of $4 million. It was				Bs. 2, 27 mm, 8500 g (50 million 1967; 1986 and 1988
commonly known as "Banco de la Dictadura". It				infra);
issued promissory notes (vales) of 5 and 50 pesos				Bs. 5, 31 mm, 15000 g (20 million 1973).
dated February 1, 1862.				Silver 0900 fine, 1873-1973 centenary of Bolvar's bust
1862 Junta de Recursos				on the coinage::
The Junta de Recursos issued notes for 8 reales				Bs. 10, 39 mm, 30000 g (2 million 1973).
(one peso sencillo) dated March 1, 1862.				1974-1988 issues
Coin				Copper-clad steel (90% steel, 10% copper) dated
1858-1862 liberty head				1974-1977:
Copper (Birmingham mint) dated 1858-1863:				5c, 18 mm, 2000 g (200 million each 1974 and 1976,
1c, 25 mm, 750 g (2 million 1858, 15 million 1862, 05				600 million 1977).
million 1863).				Nickel clad steel dated 1983:
Silver 0900 fine (Paris mint) dated 1858:				5c, 18 mm, 2000 g (600 million 1983).
1/2r (medio), 14.5 mm, 1150 g (40,270 pieces),				Copper-nickel clad steel dated 1986:
inscribed "1 1/2" in error!				5c, 18 mm, 2000 g (500 million 1986).
1r (real), 17.5 mm, 2300 g (42,698 pieces)				Nickel dated 1977-1988:
2r (peseta), 23 mm, 4600 g (29,990 pieces)				25c, 17 mm, 1750 g (120 million 1977);
5r (bamba), 30 mm, 11500 g (26,120 pieces).				25c, 17 mm, 1500 g (12 million 1977, 200 million 1978,
1863 J.A. Pez				150 million 1987);
The contract with the Paris Mint for coins with the				50c type 1965, 20 mm, 3500 g (50 million 1985);
bust of Gen. Pez, finalized November 7, 1862 was				Bs. 1, 23 mm, 5000 g (200 million 1977, 250 million
rescinded in June 1863, and coins already minted				1986);
were melted down. Copper 1 and 2 cntesimos, and				Bs. 2 type 1967, 27 mm, 8500 g (50 million 1986, 80
silver 1/2, 1, 2, 4, and 10 reales had been ordered.				million 1988);
About 200 pieces of the 10-reales, 38 mm, 10000 g,				Bs. 5, 31 mm, 15000 g (60 million 1977, 25 million 1987,
are thought to have survived.				20 million 1988)
1865-1871 Venezolano de oro (gold)				1988-1990 issues
Peso fuerte (Venezolano de oro) = 10 Reales				Nickel-clad steel (90% steel, 10% nickel):
(Dcimos) = 100 Centavos				25c, 17 mm, 1500 g (510 million 1989, 400 million
History				1990);
The monetary law of June 12, 1865 was based on				50c, 20 mm, 3500 g (80 million 1988, 260 million 1989,
the gold venezolano (peso fuerte). It provided for a				300 million 1990);
mint and for a coinage with the bust of Bolvar, the				Bs. 1, 23 mm, 5000 g (370 million 1989, 600 million
Libertador. Proposed gold coins 0900 fine were: a				1990);
peso fuerte or Venezolano de oro (10 reales) of 1612				Bs. 2, 27 mm, 8500 g (200 million 1989, 100 million
g, and its multiples, an escudo (5 pesos fuertes), a				1989, 95 million 1989, 395 million 1989, 400 million
dobln (10 pesos fuertes), and a doble-dobln (20 pesos				1990);
fuertes). Subsidiary silver coins 0800 fine were to be				Bs. 5, 31 mm, 13300 g (176 million 1989, 200 million
a medio peso (5 reales) of 1250 g, a peseta (2				1990).
reales) of 500 g, a real of 250 g, and a medio real of				1998-2005 issues
125 g. There would be a copper centavo of 800 g.				Nickel-clad steel dated 1998:
The need for a uniform national coinage was great,				Bs. 10, 17 mm, 2300 g (100 million);
but the economic situation was unfavorable and it				Bs. 20, 20 mm, 4300 g (50 million);
proved impossible to erect a mint at this time.				Bs. 50, 23 mm, 6600 g (50 million);
Foreign coins were given new ratings.				Bs. 100, 25 mm, 6800 g (?);
The currency in circulation was generally in poor				Bs. 500, 285 mm, 8400 g (?).
condition, and larger sums were weighed rather than				Nickel-clad steel dated 1999:
counted. A decree of December 3, 1870 ordered all				Bs. 20, 20 mm, 4300 g (50 million);
coins accepted by tale, no matter what their				Bs. 50, 23 mm, 6600 g (50 million);
condition, but sellers either continued to weigh coins				Bs. 100, 25 mm, 6800 g (?);
or else they raised prices.				Bs. 500, 285 mm, 8400 g (?)
Paper				Nickel-clad steel dated 2000-2004:
1865 private bank notes				Bs. 10, 17 mm, 2300 g (80 million 2000, 70 million
El Banco de Londres y Venezuela, Limitado was				2001);
established at Caracas January 1, 1865 with a capital				Bs. 20, 20 mm, 4300 g (50 million 2000, 70 million
of 500,000 sterling. It was liquidated in 1867. It issued				2001);
notes for "5 pesos sencillos" (face, Spanish) or "5				Bs. 50, 23 mm, 6600 g (150 million 2000, 50 million
dollars currency" (back, English), dated January 23,				2001, 220 million 2002, 200 million 2004);
1865.				Bs. 100, 25 mm, 6800 g (205 million 2001, 205 million
1869 treasury notes				2002, 250 million 2004).
Treasury issued notes (billetes de Tesoreria) for 5				Zinc-aluminium alloy dated 2001:
pesos under an authorization of January 19, 1869.				Bs.10, 17 mm, 1739 g (40 million);
1871-1879 Venezolano (gold and silver)				Bs.20, 20 mm, 3265 g (20 million).
Main article: Venezuelan venezolano				Zinc-aluminium alloy dated 2002-2004:
Venezolano = 100 Centavos (Cntimos, Centsimos)				Bs. 10, 17 mm, 1793 g (75 million 2002, 50 million
Conversion: 1 venezolano = 1 fuerte (peso fuerte)				2004);
History				Bs. 20, 20 mm, 3265 g (235 million 2002, 50 million
On March 29, 1871, all coin in circulation, whatever its				2004);
condition, was declared legal tender so long as one of				Bs. 500, 285 mm, 8400 g (175 million 2004).
the two sides was clearly legible, A monetary law of				Copper-nickel center, copper-aluminium-nickel ring,
May 11 then established the venezolano of 100				2005:
centavos as money of account and adopted the				Bs. 1000, 24 mm, 8500 g (150 million 2005).
Latin Monetary Union system, based on the silver				Since 2008 bolvar fuerte
fuerte (venezolano de plata) of 25000 g, 0900 fine,				Main article: Venezuelan bolvar
and the gold venezolano of 16129 g, 0900 fine. The				Bolvar fuerte = 100 Cntimos fuertes
20-venezolano gold piece was named the Bolvar.				Conversion: 1 bolvar fuerte = 1000 old bolvares
Coins were ordered from Paris; foreign coin was to				The Bolvar fuerte (ISO 4217 code: VEF; Bs.F)
remain in circulation until they arrived. New ratings				replaced the bolvar on January 1, 2008 at 1 bolvar
were published July 2. From January 1, 1872 all				fuerte for 1000 old bolvares, and old notes will cease
accounts had to be converted and expressed in				to be legal tender on January 1, 2009. In preparation
venezolanos and centavos.				for the conversion, all prices had been expressed in
On February 13, 1874 the circulation of coin worn on				both bolvars and bolvars fuerte since October 1,
both sides was prohibited and a new table of ratings				2007.
for foreign coin was published. When the coinage of				References
1873-1874 was released, the circulation of all				Bruce II, Colin R., ed. (2007), 2008 Standard catalog
mutilated and worn coin was prohibited (Resolution of				of world coins 1901-2000 (35th ed.), Iola, WI: Krause,
June 18, 1874). Worn coin was withdrawn and sent				pp. 21622170, ISBN 978-0-89689-500-3 .
to Paris to be reminted. The export of national gold				Cribb, Joe; Cook, Barrie; Carradice, Ian (1990), The
coin was prohibited May 3, 1875, and the import of				coin atlas, New York: Facts on File, p. 301302, ISBN
foreign silver coin was prohibited June 28, 1876.				0-8160-2097-3 .
Postage stamps for 1, 5, 10, 30, 50, 90 cntimos or				Grillet Correa, Asdrbal (2000), Monedas metlicas
centsimos and for 1, 3, and 5 venezolanos appeared				venezolanas, Caracas: Banco Central de Venezuela,
in 1879.				ISBN 980-6395-19-0,
Paper				Krause, Chester L.; Mishler, Clifford, eds., Standard
Compaia de Crdito was created December 9, 1870				catalog of world coins 1801-1900 (3rd ed.), Iola, WI:
by Gen. Antonio Guzmn Blanco. It was privately				Krause, pp. 11641169, ISBN 0-87349-305-2 .
owned with minority government participation,				Meri Gonzalez, Pedro (1991), Venezuela: catalogo de
created in order to pay off outstanding government				billetes 1991, Caracas: Impresos Urbina C.A. , 218 pp.
debts. Guzmn increased central government power				Sdillot, Ren (1955), Toutes les monnaies du monde,
by virtually privatizing customs collection through this				Paris: Recueil Sirey, pp. 5758, 433, 540541, HG
institution. It issued notes to bearer for 5, 10, 50, and				216.S4 .
100 venezolanos until it was liquidated in July 1876.				Shafer, Neil; Cuhaj, George S., eds. (2002), Standard
Banco de Caracas was founded in July 1876,				catalog of world paper money: specialized issues, 1
reorganized on August 11, 1877, and dissolved on				(9th ed.), Iola, WI: Krause, pp. 11851196, ISBN
March 27, 1881. It issued notes for 5, 20, and 100				0-87349-466-0 .
venezolanos.				Historia de la Moneda Venezolana, retrieved
The province of Guayana (Estado de Guayana)				2008-03-19 (Spanish) Venezuela's monetary history,
issued local notes in 1878-1880 for 50 centsimos and				including a summary of coinage legislation.
1, 2, 4, and 8 venezolanos.				Las casas de moneda espaolas en Amrica del sur,
Coin				retrieved 2008-03-20 (Spanish) On-line book detailing
Main article: Coins of the Venezuelan venezolano				the history of the Spanish mints in South America.
The government ordered subsidiary silver coins of 5,				Numismatic Catalog of Venezuela, retrieved
10, 20, and 50 centsimos de venezolano from Paris,				2008-03-19 Detailed information, with images, of all
June 11, 1873. The inscription on Venezuelan coinage				Venezuelan coins and paper money, regularly
was changed to "Estados Unidos de Venezuela"				updated.
(from "Repblica de Venezuela"). Dsir-Albert Barre

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Currency Of Venezuela